Shares of Bharti Airtel rose 2.2 per cent to Rs 340.85, its highest level in seven months, in early morning trade on the NSE after the company reported a surprise 29 per cent surge in March quarter (FY19Q4) net profit as exceptional income gains and Africa business helped offset losses in India mobile services operations.
The telecom operator earned a net profit of Rs 107.2 crore in January-March period against Rs 82.9 crore it earned in the same period of the previous fiscal. This is the first rise in profit after several quarters for the company. Revenue soared 6.2 per cent to Rs 20,602.2 crore for the three months ended March 31, 2019. READ THE FULL REPORT HERE
The firm had an exceptional income gain of Rs 2,022.1 crore in the quarter, it said in a regulatory filing to stock exchanges.
The company's loss from India mobile services business more than doubled to Rs 1,377.8 crore in January-March when compared with Rs 482.2 crore loss in the same period of the previous fiscal year. This was in contrast to Africa mobile service business earning (profit before net finance costs, non-operating expenses, exceptional items and tax) improving to Rs 1,317.1 crore from Rs 1,128.8 crore in January-March 2018.
For the full 2018-19 financial year, net profit more than halved to Rs 409.5 crore while its revenue lowered by 2.2 per cent lower at Rs 80,780.2 crore in the previous fiscal.
At 10:40 AM, the stock had slipped into the red, and was trading 2.45 points, or 0.73 per cent, lower at Rs 331. In comparison, the S&P BSE Sensex was ruling at 38,686, a gain of 85 points, or 0.22 per cent.